Did Bitcoin Stabilize?

Did Bitcoin Stabilize?

In December of 2017, Bitcoin has plummeted in value and everyone has been talking about it. One of the biggest debates about Bitcoin is did it stabilize, or will it change its value majorly once again? Well, even if that question is quite simple, the answer to it is not as simple as you think.

When it comes to regular currencies such as USD, its value is determined by the demand of the currency from a certain treasury and couple of other economic factors. However, when it comes to Bitcoin, nobody really controls it, thus its value is never really secure. Of course, today, the value is surely going to increase, and that is because it is harder to obtain Bitcoin today than it is in the past.

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Even if there are more people in the Bitcoin “game”, the reason why it is harder to obtain is that cryptocurrencies like Bitcoin are obtained by mining rigs solving various algorithm problems. Those problems today are quite difficult to solve, and since it takes more time to solve them, it is only natural that the value of the reward is bigger. There is a reason why the quote “Time is money” became so famous.

If you check out the value of Bitcoins history today, you may notice a pattern. At first, Bitcoin was worth pretty much nothing, but over time as it became more and more popular and higher in demand, it became worth a couple of hundred dollars. People back then thought that was it, and they started to get rid of their Bitcoin as they were sure it is going to fall. However, even if this made the value fall for a while, not long after that, people got interested in Bitcoin once again, hence why its value increased.

When it comes to the stability of Bitcoin or any other currency, there is no guarantee that its value will ever stabilize. It is in the nature of the system that the value of currencies goes up and down, otherwise pretty much everything would have the same value, which would not make sense. For now, we can surely say that the value of Bitcoin is quite high, and it will probably go higher, and that is because it is becoming more accepted across the globe everyday. But once it does, will people get bored of it and find it useless? Well that is something what we’ll have to wait and see.